Volvo’s third-quarter net profit more than doubles

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Volvo AB, Europe’s largest truck maker, said Tuesday, Oct. 25 that third-quarter profit more than doubled, the seventh consecutive quarterly gain, because of increased demand in the United States as trucking companies expanded fleets. Net income climbed to 2.9 billion kronor ($369 million) from a restated 1.17 billion kronor ($148.8 million) a year earlier, as sales rose 14 percent.

Gothenburg, Sweden-based Volvo, the biggest truck maker worldwide, is selling more commercial vehicles in the United States as economic growth spurs freight transport. Truck makers are operating plants at or near capacity to keep up with North American heavy-truck sales growth, which Volvo estimated will be about 20 percent this year.

The company’s three truck brands — Volvo, Mack and Renault — account for two-thirds of sales. Volvo also manufactures buses, construction equipment, marine engines and aircraft-engine components.